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Westpac Banking Corporation was established in 1817 as the bank of New South Wales and in 1982 changed its name to Westpac.

Westpac Banking Corporation provides a large range of banking and financial services, including retail, commercial, and institutional banking, as well as wealth management services to individuals and business customers in Australia, New Zealand, and the Pacific region. Its personal banking operations comprise provision of home loans; secured and unsecured personal loans; credit cards; various bank accounts, including savings accounts, day to day accounts, and term deposits; investment and superannuation products; various property and causality insurance products; foreign exchange; travelers checks; private banking; and premium wealth services. Its business banking services include provision of business accounts, business cards, day to day transaction solutions, merchant business solutions, pay roll solutions, and various packaged solutions; short-term and long-term finance; equipment and insurance finance; invoice finance; insurance for business assets; investment and superannuation products; debt, advisory, and equity solutions; property services; and agriculture finance. The company's corporate banking activities include solutions for foreign exchange, interest rate derivatives, commodity exposures, and fixed interest/debt securities; provision of capital, including equity, quasi-equity, loans, bonds, and securitization; transaction services; investments, including structured investments, managed investments, corporate superannuation, and socially responsible investments; and commercial cards, including purchasing cards and corporate cards.

[edit] History

A brief overview of Westpac Banking Corporation

• Westpac began trading on 8 April, 1817 as the Bank of New South Wales with a single office in Macquarie Place, Sydney, in the then British colony of New South Wales. In conjunction with the merger with the Commercial Bank of Australia, it changed its name to Westpac Banking Corporation in 1982. Find out more about our proud history * Westpac merged with Challenge Bank in Western Australia in 1995, Trust Bank in New Zealand in 1996 and Bank of Melbourne in Victoria in 1997.
• Westpac has branches and affiliates throughout Australia, New Zealand and the Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong and Singapore.
• As at 31 March 2008 the Westpac Group employed approximately 29,000 people in Australia, New Zealand and around the world.
• As at 31 March 2008, Westpac Banking Corporation had global assets of $402 billion.
• Westpac is ranked in the top 10 listed companies by market capitalisation on the Australian Securities Exchange Limited (ASX).
• For the 6 months to 31 March 2008, the Westpac Group's net profit after income tax was $2,202 million.
• About 360,000 people and institutions in Australia and overseas are shareholders in Westpac.
• Westpac concentrates its activities in Australia, New Zealand and the near Pacific.

[edit] Organisational Design

Westpac has four key customer facing divisions with common support and corporate functions, through which we serve over seven million customers. These four business areas are:

• Retail and Business Banking (RBB) is responsible for sales, marketing and customer service for all consumer, small-to-medium enterprises and commercial customers within Australia. It is also responsible for the management of Westpac's third party retail and business distribution relationships.
• BT Financial Group Australia (BTFG) is Westpac's wealth management business in Australia. It manufactures and distributes financial products, designed to help customers accumulate, manage and protect their wealth. These products include retail investments, personal and business superannuation, life and general insurance and portfolio administration. BT Financial Group also provides financial planning advice and private banking services.
• Westpac Institutional Bank (WIB) serves the financial needs of corporate, institutional and government customers either based in, or with interests in, Australia and New Zealand through dedicated industry teams. WIB provides access to global markets across a broad range of products through its debt markets, foreign exchange and commodities businesses. WIB's equities business provides margin lending, foreign exchange and commodities businesses.
• New Zealand Banking provides a full range of retail banking, wealth management and business banking products servicing 1.4 million New Zealand based customers.

These customer facing businesses are supported by:

• Product and Operations comprises all consumer and business product development, management and operations which support the sales, fulfilment and maintenance of Westpac's suite of products.
• Technology is responsible for developing and maintaining reliable and flexible technology capabilities and technology strategies.

[edit] Trading Details

[edit] References